Morgan Stanley Taps New Boss at New York City Branch
(Corrects year of college graduation to 2007 from 2003 in fifth paragraph.)
Morgan Stanley has appointed a rising management associate to replace the former manager of its Park Central office in midtown Manhattan.
Dwayne Barberis is stepping in for David Turetzky, the veteran manager of the firm’s Park Central branch on E. 52nd Street, not far from the investment company’s headquarters.
Turetzky, who had been a manager since 2002, abruptly departed last month.
Barberis, 32, has most recently been associate manager of the firm’s two-branch Park Avenue Plaza complex of more than 200 brokers, according to the complex’ website page.
He began his career at Morgan Stanley predecessor Smith Barney as a 15-year-old intern at its Albany, N.Y., office and took a job as a client associate in Washington D.C. in 2007 after his graduation from American University, according to his firm website.
He proved his producing chops after becoming licensed as an advisor in 2009, as Smith Barney and Morgan Stanley were merging, by qualifying in each of the next two years for a Pacesetter award. Morgan Stanley gives the recognition award to new brokers who meet certain production requirements. Those with two to three years of experience were required to generate $200,000 to $250,000 in annual revenue and have $15-20 million of assets under management, according to the firm’s 2017 compensation plan.
Barberis joined the firm’s training office in 2012 and was named lead training officer a year later, according to his corporate biography.
“Dwayne truly understands the word ‘teamwork’ and I am excited to have him in an elevated role leading the 52nd Street location,” Patrick Langone, manager of the complex, said in a memo sent to staff earlier this month.
Barberis did not respond to a call for comment.
Call me a cynic, but none of these management guys have “producing chops” or they would have stayed producing with the outcome of a great living and autonomy of having your own clients. This guy became licensed in 2009, so he basically missed the MOST IMPORTANT GREAT RECESSION OF OUR LIFETIME. Please, just say he didn’t like the grind of being an advisor and chose to go into management. That’s a far more honest and accurate assessment of the situation.
Some good points Rand on your comments about the new Morgan Stanley branch manager in NYC. I was thinking the same thing. He is 32 and recently licensed. 2009 was a relatively short time ago.
Like most managers in the major wire houses. Had a few relatively good years in production pushing big commission products then off to management leaving behind the clients and their limited partnerships etc.